Cayman Registered Fund

Registered funds form the bulk of the mutual funds (90%) set up in the Cayman Islands under (Section 4(3) of the Mutual Funds Law.

Key Features

The main features of a registered fund are:

  • Minimum subscription US $100,000 (or equivalent currency).
  • The fund administrator can be located anywhere and does not require to be licensed or registered.
  • The auditor must be a Cayman Islands approved auditor although the audit work does not require to be conducted in the Cayman Islands.
  • The investment manager can be located anywhere and is not required to be licensed or registered.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Company, Unit Trust or Partnership

  • Application fee

USD 370

  • Annual license fee

USD 4,700

  • Local physical office required

No

Share capital or equivalent

·         Minimum subscription

USD 100,000

·         Minimum investors

None

Directors

  • Minimum number

2

  • Corporate directorship allowed

Yes

  • Local director required

No

Service Providers Required

  • Custodian

No

  • Fund manager/Investment manager

Yes (from anywhere)

  • Fund administrator

Yes (from anywhere)

  • Auditors

Yes

  • Legal Advisers

No

Tax Treatment

Tax neutrality: no capital gains, income, profits, corporation or withholding taxes

Duration to Set Up

About 3 months

Distinctive Benefits of Licence

  • Minimum subscription US $100,000(or equivalent currency)
  • No preapproval required, the registration form (MF1) is simply submitted to CIMA together with the offering document, auditors consent letter, the administrators consent letter – there is no waiting period as the fund can offer its shares for sale on the day it files with CIMA.
  • The fund administrator can be located anywhere and does not require to be licensed or registered.
  • The auditor must be a Cayman Islands approved auditor although the audit work does not require to be conducted in the Cayman Islands. It is normal for a foreign audit firm to do the actual audit and for the Cayman Islands office to do a signoff. However a Cayman Islands auditor’s consent letter is required for the CIMA registration.
  • There is no requirement to have a custodian, prime broker or Cayman Islands resident director.
  • The investment manager can be located anywhere and is not required to be licensed or registered.

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers

Telephone:

+248 252 5217

[email protected]

vf-international.com